We’re back baby!
Not our posts – we’re still having WordPress issues and I can’t format but the market is roaring back on news the Trump may go easy on Canada and Mexico with his tariffs but I think he’ll sign a bill with no exemptions this afternoon and tank the markets again so we’ll look for shorting opportunities – especially as the Nasdaq (/NQ) closes in on that 7,000 line (now 6,962 on the 100).
As long as the S&P (/ES) holds it’s strong bounce line at 2,728 – it’s silly to short but below that, we will look for 1,575 on the Russell (/RTY) and 6,950 on /NQ and 24,850 on the Dow (/YM) to confirm weakness and short the laggards on the way down (with tight stops if any of them pop back over, of course).
Yesterday, in our Live Trading Webinar, we made $445 trading the Russell and Nasdaq Futures – not bad for 2 hours’ “work”. Our longs from the Morning Report yesterday on the Dow (/YM) paid of very well at 24,800, good for gains of $1,500 per contract on the day.
We reviewed our Member Portfolios during the Webinar and all are in great shape but the paired Long-Term/Short-Term Portfolios (LTP/STP) are simply performing fantastically as we have, so far, played the channel very well. This will be the Nasdaq’s 3rd attempt at the 7,000 line and the first time (Jan) we fell back over 10%, to 6,300 and the 2nd time, late last month, we fell only 300 points (5%) to 6,750 so, even if we’re getting stronger – I still think we see a 150-point dip back to 6,850 and 150 point on the Nasdaq Futures pays $3,000 per contract vs the risk of getting stopped out with a $100 loss if we pop over – that’s the kind of reward/risk set-ups we love to play in the Futures!
But we’re not there yet – let’s look for 24,850 on /YM and 1,577.50 on /RTY to fail this morning with very tight stops over each while we wait to for the Nas to make a move.
Hopefully the posts will be fixed tomorrow but I’ll continue my commentary in chat today.